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Mortgage Downturn Cited in Dismissal of Securities Case Against Merrill Lynch

The Legal Intelligencer

A federal judge has dismissed a securities fraud suit against Merrill Lynch and six of its subsidiaries, citing the "profound" downturn in the mortgage market as the more likely cause of the plaintiffs' woes and noting that securities fraud plaintiffs "must do more than show motive and opportunity" to prove scienter. The suit was brought by two real estate investment trusts that said Merrill Lynch's false statements led them to invest $26 million into mortgage-backed securities riddled with problem accounts.

For Some Law Students, a Summer of No Love?

The Legal Intelligencer

While all eyes are on how many summer associates will receive offers from their respective firms, law school career counselors are hearing some firms anticipate taking longer with their decisions even though summer programs were shorter on average this year and wrapped up weeks ago. With some firms not hiring for next summer and others questioning the lead time between hiring summer associates and bringing them in as full-time attorneys two years later, firms are taking their time this year.

ABA Sues FTC Over Applying Creditor 'Red Flags Rule' to Lawyers

The National Law Journal

The American Bar Association filed suit Thursday against the Federal Trade Commission in the U.S. District Court for the District of Columbia, seeking to block application of the so-called "Red Flags Rule" to practicing lawyers. The ABA has been lobbying for months to exempt lawyers from the regulations requiring businesses and organizations that act as "creditors" to establish a program for preventing ID theft. The ABA's complaint says applying the rule to lawyers is "arbitrary, capricious and contrary to law."

Former Stanford CFO Pleads Guilty to Fraud and Conspiracy Charges

Texas Lawyer

James M. Davis, the former chief financial officer for Stanford Financial Group and Stanford International Bank, pleaded guilty Thursday morning to criminal charges in connection with the collapse of Stanford International Bank. Former Chairman R. Allen Stanford, who is being held in federal prison, was supposed to appear in court for a hearing on who will represent him, but the judge said from the bench that Stanford was taken by ambulance to a hospital because of an irregular electrocardiogram and a high pulse rate.

Former N.Y. Judge Convicted of Attempted Extortion and Soliciting Bribes

New York Law Journal

Former New York Supreme Court Justice Thomas J. Spargo has been found guilty of attempting to shake down lawyers appearing before him to help pay the substantial legal bills he had incurred in fighting an ongoing investigation into his conduct by a judicial conduct commission. A federal jury on Thursday convicted Spargo of both counts in the indictment against him: attempted extortion and soliciting a bribe. Under state law, Spargo also will be disbarred. Spargo's sentencing is scheduled for December.

2nd Circuit: Unexplained 15-Year Delay in Sentencing Violates Due Process

New York Law Journal

An unexplained 15-year delay in the sentencing of a woman who had already rehabilitated herself violated the due process clause, the 2nd U.S. Circuit Court of Appeals ruled Thursday. Shenna DeLoache Ray's bizarre case led the appeals court to confront several issues for the first time, chief among them its ruling that the right to a speedy trial in the Sixth Amendment applies only to trials, and not to sentencing proceedings.

Versata Software Wins $139 Million Verdict in Patent Suit Against German Vendor

The American Lawyer

A federal jury in Texas ruled that the German software vendor SAP should pay Versata Software $138.64 million in damages for infringing two of its patents. The patents in question cover Versata's software that allows its customers to manage pricing for its products along complex distribution networks. Versata had asked the jury for $190 million. The co-lead trial counsel for Versata said that over the seven-day trial, the jurors took "copious notes" and really tried to understand the technology.

Class Action Proceeds Against Subaru Over Defective Odometers

New York Law Journal

A New York federal judge has refused to dismiss a potential class action brought by customers who claimed Subaru sold or leased them cars with defective odometers. The judge turned aside Subaru's argument that the Federal Odometer Act does not apply to the plaintiffs' allegations. The plaintiffs charged that the defective odometers overstated the mileage on their vehicles and thereby shortened their warranty periods, decreased resale values and, with leased automobiles, penalized drivers for "excessive mileage."

Federal Jury Finds Calif. DA Retaliated Against Critic

The Recorder

A California district attorney retaliated against a bail bondsman who slammed the prosecutor in a newspaper ad, a federal court jury decided. The jury found that DA David Paulson and his chief investigator acted with malice when they sought a temporary restraining order against Joel Thomas Toler and then unsuccessfully pursued charges that he violated that order. "It's a pretty significant victory for any federal jury to find a public official acted maliciously," said Toler's attorney.

At Issue in NHL Case: Who Decides Who Can Own a Team?

The American Lawyer

The Phoenix Coyotes bankruptcy case is shaping up to be the year's landmark sports law case. The big question hovering over the entire proceeding: Who ultimately has the authority to decide who can own a team and where that team plays -- a professional sports league or a bankruptcy court judge? The National Hockey League believes such power rests with the league, and it has taken the highly unusual step of submitting its own bid to purchase the Coyotes over a rival bidder who might relocate the franchise to Canada.

Ex-Judge Who Lost $54 Million 'Pants Case' Takes Wrongful Termination Suit to D.C. Circuit

The National Law Journal

D.C. Superior Court was a bust. So was the D.C. Court of Appeals. A related suit in U.S. District Court for the District of Columbia didn't work out, either. Maybe a federal appeals court will see things differently. Roy Pearson Jr., the former administrative law judge in Washington, D.C., who gained notoriety for his unsuccessful $54 million suit against a dry cleaners that misplaced a pair of pants, has turned to the U.S. Court of Appeals for the D.C. Circuit seeking reinstatement to his post on the bench.

Mom's Suit Claims Son Voted out of Kindergarten

The Associated Press

A woman who claims her 5-year-old was kicked out of his kindergarten class after the teacher held a "'Survivor'-style vote" among fellow students about his disruptive behavior sued the teacher, school officials and others. The boy was diagnosed with a form of autism called Asperger's syndrome after the incident. The mother said that her son Alex was "forced to stand in front of his peers and be told why 'they hated him,' with such comments as (Alex) is 'disgusting' and 'annoying,' and 'He eats his boogers.'"

More Women in the Drunken Driver's Seat

The National Law Journal

The war of the sexes has women closing in on men in a not-so-flattering category: drunken driving. According to the federal government and lawyers who defend driving-under-the-influence cases, the courts are witnessing a rise in drunken driving cases involving women. Over the last decade, FBI statistics say, the absolute number of women arrested for drunken driving jumped nearly 30 percent. So do female drunken driving defendants fare better in the courts?

How Gilbert LLP Saved on Support Services

Special to Law.com

Considering whether to renew its facilities management vendor, Gilbert LLP reached out to Mattern and Associates. Executive Director Jeri Rhodes describes how the "Mattern Method" helped the firm determine how its current vendor and equipment stacked up against the competition.

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Successful Spouses Help Lift Fla. Judges' Net Worth

Daily Business Review

Miami-Dade Circuit Judge John Schlesinger is married to Marilyn Milian of "The People's Court," which helps explain his reported net worth of $7.18 million on annual judicial disclosure forms. He's the second richest South Florida circuit judge, behind Palm Beach Circuit Judge Elizabeth Maass, who credits her husband, attorney Robb Maass, in part for her $7.2 million reported net worth. But not all judges reported millions in net worth, including one who says his lower net worth is due partly to his devalued home.

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Key Audit Issues for Solo Practitioners and Other Solopreneurs

New York Law Journal

The IRS estimates that $68 billion of the annual $345 billion tax gap for 2001 (the spread between what the government should collect and what it actually collected) was due to sole proprietors who underreported income or overstated deductions. That finding has led to government suggestions on ways to close the gap and increased IRS scrutiny of sole proprietors. Sidney Kess, a CPA-attorney, discusses some key audit issues for solo practitioners and other solopreneurs, and what can be done to avoid problems.

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